Marcus and his wife are purchasing a home in Oklahoma City. The seller’s broker delivers the Property Condition Disclosure Statement to Marcus before Marcus submits his written offer. Marcus reviews the statement, submits an offer, and the seller accepts it. What is the best statement under the current Oklahoma RPCDA?
Correct Answer
D) The statement was delivered before acceptance, so the RPCDA delivery requirement was satisfied unless a later known defect requires an amendment
The RPCDA requires the disclaimer or disclosure statement to be delivered as soon as practicable and before acceptance of the offer. Because Marcus received it before submitting the offer, the delivery sequence is timely. If the seller later becomes aware of a defect, a written amended disclosure is required.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
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